American Express recently launched a business checking account that offers a high annual percentage yield (APY) on balances up to $500,000. The amex business checking account also doesn’t charge many of the common fees you’ll find on other business checking accounts.
The company is currently offering a 30,000 Membership Rewards points welcome bonus for new customers who open their business checking account, deposit $5,000 and maintain that balance for 60 days.
APY
The 1.1% APY on balances of up to $500k offered by American Express is one of the highest APYs you can get on a business checking account. This APY is also more than the national average of 0.01% that most traditional banks offer.
It also comes with a free business debit card, online tools and access to MoneyPass ATMs. In addition, there is no monthly maintenance fee and no minimum balance requirement.
Another great feature is the ability to earn 1 Membership Rewards point for every $2 spent on eligible purchases with the business debit card. These points can then be redeemed for travel, cash, gift cards or a variety of other products.
You can also earn a welcome bonus of 60,000 Membership Rewards points when you open the account and deposit $5,000. That’s an excellent bonus, especially if you are already an Amex Business Platinum cardholder or have a Business Gold card.
This feature is available to new customers, but you have to wait at least 60 days after opening your account before you can receive the 60,000 points. There’s no maximum number of points you can earn, and it’s an easy way to build up your points.
However, you’ll need to transfer at least 10 separate transfers from your other bank accounts to this American Express business checking account. This is a fairly simple process, and you’ll need to make sure that each transfer is a different amount of funds.
The account is available only on iOS devices at this time, but it’s a great option for any small business owner who doesn’t want to deal with the hassle of visiting a branch and transferring their money between bank accounts. It also has a mobile check deposit feature that’s available on iPhones, which can be a huge advantage for any restaurant or bar that deals with cash.
Fees
American Express is best known for its credit cards, but it also offers a wide range of financial products. It recently added an online business checking account to its list of small business products.
Its new product comes with a competitive APY, a $300 deposit and no monthly fees. It also includes access to MoneyPass ATMs and online account management tools.
If you’re looking for a high-yield checking account, the Amex business checking account is a good choice. It doesn’t come with a monthly maintenance fee and offers a competitive APY of 1.1% on balances up to $500,000, according to the company’s press release.
Amex has also just announced that it will now allow Business Checking account clients to earn Membership Rewards points and convert them into deposits that go directly into their accounts. These points can be redeemed in a variety of ways, including travel, gift cards and cash.
Another bonus Amex is offering is a 30,000-point welcome bonus on new Business Checking accounts that qualify for Membership Rewards. This is the biggest bonus we’ve seen from Amex, and it’s a great offer for businesses of all sizes.
However, there are some limitations. You can only open one Business Checking account, and you’ll have to meet certain requirements to earn this bonus. You’ll have to deposit $5,000 in eligible transactions within 20 days of opening the account and complete 10 transactions that include mobile deposits, electronic/online transactions, ACH, wire transfers and bill payments made to or from your Business Checking account.
The welcome bonus is worth up to $80 if you have a Business Platinum card, and it can be redeemed for a $100 value if you have no other Business Platinum cards.
As with most business checking accounts, the American Express Business Checking is online only, meaning there are no physical branch locations for you to visit. This could be a dealbreaker for some businesses, especially those that need to deposit cash regularly.
Customer service
You may be familiar with American Express as a credit card issuer, but this company also offers banking solutions for your small business. They have a variety of products, from business credit cards to online savings accounts and certificate of deposit.
The Amex business checking account is a fee-free option that earns interest for its account holders. It’s available to all businesses, including sole proprietorships and side hustles. This checking account also comes with a business debit card that you can use to pay for in-person or online purchases. There are a few key features to look for when evaluating this product, including the APY, fees, and customer service.
American Express is known for its excellent customer service, and its business bank, American Express National Bank, is no exception. It has been rated by J.D. Power as the top bank for customer satisfaction in 2021, and it receives consistently high reviews from customers on various websites. This is a good sign for the Amex business checking account as well, as it indicates that Amex has high standards when it comes to customer service. This is especially important for small businesses, as the Amex business checking account doesn’t have a monthly maintenance fee and allows you to make unlimited transactions without charging any fees.
Security
The amex business checking account is a great choice for small businesses with fewer than 50 employees. It offers a number of benefits including a free monthly debit card and a mobile app, plus competitive interest rates on deposits. It also features some modern security measures, like the latest in debit card technology and the ability to scan checks for fraudulent activity.
Lastly, the amex business checking is one of several ways to score big points for your company by earning and redeeming Membership Rewards points, aka the best rewards program in town for small-business owners. Specifically, it allows you to deposit and redeem up to 1 million points in a calendar year.